UK-based wealth manager Rathbone Brothers has announced that the company CEO Philip Howell will step down next year.

Howell, who has been the CEO since 2014, will retire from his position as well as from the company board by the 2019 annual general meeting to be held on 9 May 2019.

He will be succeeded by the current Rathbone Investment Management managing director Paul Stockton, subject to regulatory approval.

Stockton has been the group finance director of Rathbones for nearly a decade, before he was appointed to his current position in May 2018.

Rathbones chairman Mark Nicholls said: “Under Philip’s leadership, Rathbones has firmly established itself as the leading UK wealth manager and, on behalf of the board, I would like to thank him for the strong direction, unfailing commitment and dedication he has provided to Rathbones during his tenure.

“The board recognises the importance of careful succession planning at Rathbones and, having worked with Paul for many years, we are delighted with his promotion to chief executive officer.

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“Paul has built up considerable experience and a deep knowledge of the firm, its values and culture and I wish him every success as he takes on his new responsibilities.”

Howell said: “It has been my privilege to lead and work alongside the many talented professionals and dedicated support staff who compose Rathbones.”

Last month, Rathbone made another senior appointment by naming Jennifer Mathias as its new group finance director. Mathias will assume the responsibility in 1 April 2019.